RESIDENCY LAWS & REGULATIONS
Permanent Residency / Advantages & Benefits:
- Any third country national (non European) single or married with children under 18.
- Those who invest in Cyprus property over €370,000.
- Proof of annual income of minimum €100,000.
- Open Cyprus bank account (not blocked) with €20,000.
- Approved residency applicant does not need to reside in Cyprus; as long as you don't sell property and you do visit Cyprus a few days within every two years
- The applicant cannot be employed in Cyprus and will be free of taxation.
- Obtain permanent residency within six months of applying to the migration department.
- Cyprus is a full member of the EU and soon to be a part of the Schengen zone.
- Any permanent resident who fulfills the criteria is entitled for Cyprus citizenship after 6 years.
The Cypriot government has set a number of legislations to encourage businessmen to invest in Cyprus through purchasing a property. Buy a property and receive an immediate and unconditional permanent residency and be eligible for a citizenship of the European Union - Cyprus after 5 to 6 years.
According to Regulation 4 of the Aliens and Immigration Regulations, Cap.105, the Commission on Control of Immigration examines appliances for concession of certain applications with a report being sent to the Ministry of Internal Affairs who is responsible for granting the relevant authorizations. An alien can only have his Immigration Permit granted if and only if the application raises one of the six categories under Regulation 5 [Category F only relevant for this Memo].
An immigration permit that is granted in relation to Category F is equivalent to an approval for permanent residence in Cyprus and provides the holders of such a permit the ability to be excluded from any time-consuming migratory formalities that the other Categories may place on third-country nationals.
According to Regulation 8 of the Aliens and Immigration Regulations, Cap.105, dependants of the Immigration Permit Applicant are also considered as permanent residences in Cyprus. Dependants include children under the age of 18 and/or the applicant's wife.
Category F relates to people that are third-country nationals which will not be working in Cyprus. A further requirement that is essential for the approval of an Immigration Permit by the Minister of Internal Affairs is that third-country nationals must purchase a house holder residence for ownership-occupancy in Cyprus worth €300,000 or more.
Within 4-6 months from the date of applying for a permanent residency, the applicant will receive an approval and will be eligible for citizenship after 5 to 6 years.
Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least €9,560 for a single applicant and moreover at least €4,613 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons.
For the granting of an Immigration Permit application is submitted on form M.67 to the Civil Registry and Migration Department directly or through the District Aliens and Immigration Branches of the Police. The application should be accompanied by the appropriate documents, depending on the Category for which it is submitted. Applications for Category F which are the most usual should be accompanied by the original of documents regarding the income of the applicants. Applicants who are abroad may submit an application directly to Cyprus, as stated above or through the local Consular Authorities of the Republic of Cyprus. The applications are examined by the Immigration Control Board which submits a relevant suggestion to the Minister of the Interior for a decision to be taken.